Tag Archive for: FBAR OVDI voluntary disclosure attorney Austin

Every year, the U.S. Department of Treasure publishes its official currency conversion rates (they are called “Treasury’s Financial Management Service rates”); I will refer to the “FBAR Conversion Rates”. Recently, the Treasury Department published the FBAR Conversion rates for December 31, 2013. While there are other good reasons for the existence of these rates, the 2013 FBAR Conversion Rates are especially important for persons who are required to file the FBARs.

The latest (October 2013) FBAR instructions require the use of Treasury’s Financial Management Service rates, if available, to determine the maximum value of a foreign bank account. In particular, the FBAR instructions state:

In the case of non-United States currency, convert the maximum account value for each account into United States dollars. Convert foreign currency by using the Treasury’s Financial Management Service rate (this rate may be found at www.fms.treas.gov) from the last day of the calendar year. If no Treasury Financial Management Service rate is available, use another verifiable exchange rate and provide the source of that rate. In valuing currency of a country that uses multiple exchange rates, use the rate that would apply if the currency in the account were converted into United States dollars on the last day of the calendar year.

For this reason, the international tax attorneys take their time to compile these rates with all updates. For your convenience, Sherayzen Law Office provides a table of the official  2013 FBAR Conversion Rates below (keep in mind, you still need to refer to the official website for any updates).